Source: P&S Market Research
Blockchain in Healthcare Market to Reach $890.5 million by 2023: P&S Intelligence
Blockchain in Healthcare Market by Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing Management, Drug Supply Chain Management, Drug Discovery & Clinical Trials, Prescription Drug Abuse) by End User (Pharmaceutical Companies, Healthcare Providers, Healthcare Payers), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Sweden, Estonia, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023
NEW YORK, Jan. 09, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, blockchain in healthcare market is expected to reach $890.5 million by 2023. This growth is primarily attributed to stringent regulations for safeguarding consumer data, increasing funding and investments in the blockchain arena, and rising adoption of blockchain technology in the healthcare and pharmaceutical industries.
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On the basis of application, the blockchain in healthcare market is categorized into clinical data exchange and interoperability, claims adjudication and billing management, drug supply chain management, drug discovery and clinical trials, prescription drug abuse, and others. Among these applications, the market for clinical data exchange and interoperability is expected to reach more than $400.0 million by 2023, registering a CAGR of over 70.0%. This can be ascribed to the fact that the blockchain technology can potentially transform the way of clinical information, and data storage and sharing across healthcare partners, payers, and patients.
Based on end user, the blockchain in healthcare market is classified into pharmaceutical companies, healthcare providers, healthcare payers, and others. Healthcare providers, as an end-user category, dominate the market and expected to maintain this trend throughout the forecast period. This can be ascribed to the fact that the blockchain technology is gaining acceptance among healthcare providers, globally. Due to several advantages offered by this technology such as data security and integrity, its adoption is expected to further increase in the coming years.
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Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore’s government-owned technology development firm, invested in MediLOT Technologies, a blockchain and healthcare analytics start-up.
Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes. For instance, In January 2018, Guardtime AS, an Estonian blockchain pioneer, finalized a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to bring the technology in the country.
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Some of the key players operating in the global blockchain in healthcare market are International Business Machines (IBM) Corporation, Microsoft Corporation, Guardtime AS, PokitDok Inc., Hashed Health, iSolve LLC, Patientory Inc., Factom Inc., Chronicled Inc., and Accenture PLC. Other prominent players operating in the market are Blockverify, FarmaTrust, Blockpharma, DeepMind Technologies Limited, Proof.Works, IRYO.NETWORK, Doc.ai Inc., and Coral Health Research & Discovery Inc.
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